东方电缆：陆缆贡献营收增势，全球布局巩固韧性

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 52.83 CNY per share, compared to the current price of 48.48 CNY [5]. Core Insights - The company's Q2 performance slightly exceeded market expectations, with H1 revenue reaching 4.068 billion CNY, a year-on-year increase of 10.31%. The net profit attributable to shareholders was 644 million CNY, up 4.47% year-on-year. The significant revenue growth was driven by a substantial increase in land cable system revenue [2][3]. - The high gross margin from submarine cables remains stable, with a sustainable growth in backlog orders. In H1 2024, the company achieved revenue of 1.769 billion CNY from submarine cable systems and marine engineering, a year-on-year decrease of 5.01%, accounting for 43.48% of total revenue. The average gross margin for submarine cable systems is approximately 40%, while for marine engineering, it is about 33% [2]. - The company's strategic layout includes vertical extension and deep cultivation in the industry, with the establishment of a future factory in Ningbo Beilun and a southern industrial base in Guangdong Yangjiang, which can radiate to international markets [2]. Financial Summary - The company forecasts EPS for 2024, 2025, and 2026 to be 1.76 CNY, 2.74 CNY, and 3.23 CNY per share, respectively. Considering the company's industry position, competitive advantages, profitability, and growth potential, a PE valuation of 30 times for 2024 is deemed appropriate [3]. - Revenue for 2024 is projected to be 8.587 billion CNY, with a growth rate of 17.5%. The net profit is expected to reach 1.211 billion CNY, reflecting a growth rate of 21.1% [4][10].